As you already know that filing a tax every season is the primary duty of every citizen but, what could be the consequences if you fail to pay it on time? Especially, when owe the government. Would you have to pay the penalty for your entire life?
We take tax filing seriously always; otherwise ‘Uncle Sam’ would be upset. We need to pay Uncle Sam’s share every year or else, pay huge penalty. What if you forget? Well, he has his own way to find it out. He will contact you with loads of penalties blended with troubles – with no escape at all!
Many individuals approach tax evaders and invite troubles. If you are caught conducting tax resistance discussion at your home, then it’s a very serious issue. It could cause lots of problems for lifetime, including prison for approx 3 years. When you challenge IRS’s power to collect tax from you, then you won’t be spared. Give this lesson to everybody. Paying taxes should be a part of your life. Taxes are universally applicable – every country and every state.
What if you don’t have money?
If you are unable to pay in case if you don’t have money, still the government would be always willing to make payment arrangements for the last tax session. Unfortunately, if you are struggling to pay your taxes then why not go for debt consolidation loan? Whenever traditional banks fail to pass you a loan, there are many private lenders who are willing to loan you money even if you have bad credit or no credit at all. A debt consolidation loan could also be also one of the good options.
When is the importance of paying tax?
- You can get maximum Social advantage
- The administrative system becomes efficient
- You contribute for the economic development
- It has built in flexibility
- You qualify for minimum aggregate sacrifice